What you have to earn to afford a typical home in San Francisco
Buying a typical home in the San Francisco area has become even more out of reach, per a new analysis from Redfin.
Driving the news: You need to make $404,332 a year to afford the mortgage on a median-priced home in the area, which was nearly $1.5 million in August, according to Redfin.
- That's about 25% more than someone needed to make last year to afford the median home.
Why it matters: Americans haven't felt this discouraged about homebuying in decades, Axios' Brianna Crane reports.
Zoom out: The median income in the U.S. is $75,000 a year, but you need to make $115,000 to afford the typical home.
- The down payment loan assistance program, for example, provides first-time homebuyers with up to $500,000 to put toward a down payment for a market-rate home.
What to watch: Earlier this year, the city finalized an eight-year plan to build more than 82,000 new housing units — about 46,000 of those affordable.
- Yes, but: Mayor London Breed said last week that she doesn't think the city will reach that goal due to restrictive building regulations and construction fees, the San Francisco Chronicle reports.
- Last week, Breed proposed a March 2024 ballot measure that would waive a transfer tax on office-to-residential building conversions.
More San Francisco stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios San Francisco.